RE:I thought there was a huge oil build?? Why we flying Refineries processed 12.3 million bpd last week, operating at 69 percent of capacity, amid the resumption of normal operation following the Texas Freeze that led to outages and shutdowns.
Oil prices, meanwhile, stalled on their way higher as traders began to take profits, with some betting the downward potential was beginning to exceed the upward momentum.
At the time of writing, Brent crude was trading at $68.01 a barrel, with West Texas Intermediate at $64.52 a barrel, both down from heights hit earlier this week, when Brent briefly topped $70 a barrel. The rally was spurred by OPEC+’s decision to leave production cuts as they are for another month and reports that the supply of crude was tightening glr Oilprice.comobally as demand began to pick up.
By Irina Slav